Maine LD 1505: An Act To Facilitate Student Loan Repayment by Allowing Graduates To Claim Educational Opportunity Tax Credits on Eligible Portions of Consolidated Loans

LD 1505 (subjects: INCOME TAX , CREDITS )

Official bill page at mainelegislature.org: http://www.mainelegislature.org/legis/bills/display_ps.asp?ld=1505&PID=1456&snum=127


Sponsors | Actions | Bill Text | Patterns of Support


Sponsors

Principal Sponsor: Rep. Joyce McCreight of Harpswell: (D – District 51) — e-mail | Facebook

9 Cosponsors:

Actions

Chamber

Action
12/23/2015 House Received by the Clerk of the House on December 21, 2015.
The Bill was REFERRED to the Committee on TAXATION pursuant to Joint Rule 308.2 and ordered printed pursuant to Joint Rule 401.
2/9/2016 House CONSENT CALENDAR – FIRST DAY
2/11/2016 House Committee on Bills in the Second Reading Reports no further verbal amendments necessary Representative McLEAN of Gorham, Chair, House of Representatives Report Accepted.
CONSENT CALENDAR – SECOND DAY.
The Bill was PASSED TO BE ENGROSSED as Amended by Committee Amendment “A” (H-512).
Sent for concurrence. ORDERED SENT FORTHWITH.
2/16/2016 Senate Report READ and ACCEPTED, in concurrence.
READ ONCE
Committee Amendment “A” (H-512) READ and ADOPTED in concurrence
Assigned for Second Reading next Legislative Day
2/18/2016 Senate COMMITTEE ON BILLS IN THE SECOND READING REPORTS NO FURTHER VERBAL AMENDMENTS NECESSARY, Senator Saviello, Senate Chair. REPORT ACCEPTED.
READ A SECOND TIME and PASSED TO BE ENGROSSED AS AMENDED BY Committee Amendment “A” (H-512), in concurrence.
Ordered sent down forthwith.
2/23/2016 House PASSED TO BE ENACTED.
Sent for concurrence. ORDERED SENT FORTHWITH.
2/25/2016 Senate On motion by Senator HAMPER of Oxford PLACED ON THE SPECIAL APPROPRIATIONS TABLE pending ENACTMENT – Emergency -2/3 Elected Required in concurrence
4/29/2016 Senate In possession of the Senate when the Senate ADJOURNED SINE DIE and PLACED IN THE LEGISLATIVE FILES (DEAD).

Bill Text

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An Act To Facilitate Student Loan Repayment by Allowing Graduates To Claim Educational Opportunity Tax Credits on Eligible Portions of Consolidated Loans

Emergency preamble. Whereas, acts and resolves of the Legislature do not become effective until 90 days after adjournment unless enacted as emergencies; and

Whereas, in Public Law 2015, chapter 267, certain changes were made to the educational opportunity tax credit, including allowing eligible student loans that had been consolidated with ineligible loans to remain eligible for the tax credit; and

Whereas, these changes do not apply until tax years beginning on or after January 1, 2016; and

Whereas, in order to meet the purpose of the tax credit and provide some relief to graduates with eligible student loans, it is imperative that any delays in providing this relief be eliminated as soon as possible; and

Whereas, in the judgment of the Legislature, these facts create an emergency within the meaning of the Constitution of Maine and require the following legislation as immediately necessary for the preservation of the public peace, health and safety; now, therefore,

Be it enacted by the People of the State of Maine as follows:

Sec. 1. PL 2015, c. 267, Pt. QQQ, 6 is amended to read:

Sec. QQQ-6. Application. This Part applies to tax years beginning on or after January 1, 2016 , except that the section of this Part that amends the Maine Revised Statutes, Title 36, section 5217-D, subsection 2, paragraph B applies to tax years beginning on or after January 1, 2015.

Emergency clause. In view of the emergency cited in the preamble, this legislation takes effect when approved.

summary

Currently, under the tax credit for educational opportunity, an individual is allowed a credit against income tax owed by that individual for payments made on qualified student loans used to obtain a postsecondary degree. Prior to tax years beginning January 1, 2016, however, if a student loan eligible for the tax credit is consolidated with an ineligible loan, the otherwise eligible student loan is rendered ineligible by the consolidation. Public Law 2015, chapter 267 allows an eligible student loan consolidated with an ineligible loan to be eligible for the tax credit, but only for tax years beginning on or after January 1, 2016.

This bill provides that the change made by Public Law 2015, chapter 267 regarding consolidated student loans applies to tax years beginning on or after January 1, 2015.

Patterns of Support

Pattern of Cosponsorship by Region:

Pattern of Cosponsorship by Gender:

Pattern of Cosponsorship by Party:

Pattern of Cosponsorship by Campaign Finance Classification:

Note: Maine Clean Elections Act (MCEA) Qualified candidates only accept a small dollar value of initial contributions early in their campaigns, pledge not to accept further campaign contributions from private sources, and receive public funding for their campaigns. MCEA Non-Qualified candidates choose not to obtain public funding and instead are free to accept campaign contributions from individuals, party committees, political action committees and business sources.


This information about LD 1505 was last updated on 2016-05-12.
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